S 2349
117th Congress
Senate
Finance and Financial Sector
Protecting Consumers from Unreasonable Credit Rates Act of 2021
Introduced: July 14, 2021
Introduced by:
Durbin, Richard J.
Democratic
· Illinois
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
Jul 14, 2021
Introduced in Senate
Plain-English summary
Protecting Consumers from Unreasonable Credit Rates Act of 2021
This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%.
The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill.
Credit card billing statements must include the fee and interest rate, displayed as FAIR, instead of the total finance charge expressed as an annual percentage rate (APR).
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
Committees of jurisdiction
1